Advanced Macroeconomics (IRWIN ECONOMICS)

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Provides ideal coverage for intermediate students looking to develop a more advanced level of understanding of macroeconomics Also available as an e-book with functionality, navigation features, and links that offer extra learning support Focuses on how to use and analyze elementary models by steadily working through the mathematical derivations one step at a time, ensuring that students fully understand each progression

This course teaches you (prototype versions of) macroeconomic models used to analyse key questions related to business cycles and economic growth. Examples are New Keynesian models, Real Business Cycle models, Overlapping Generations models, the Solow growth model, and first-generation endogenous growth models. The course will teach you the main empirical business cycle characteristics of developed economies and the main empirical findings regarding the growth of developed and less developed nations.

Abstract

E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook > E60 - General Real-world policy and empirical data is brought into focus alongside model predictions, allowing students to scrutinize the models they use and the connected policy issues Bridging intermediate and advanced macroeconomics study, the authors use empirical examples to introduce students step-by-step to methods of formal macroeconomic analysis, helping them to develop a thorough understanding of fundamental models in growth theory and business cycle theory. Each chapter is accompanied by a number of guided exercises to support and then stretch students' analytical skills New material on the long-run evolution of income shares and the capital-output ratio relating to the international debate on distribution and inequality

Advanced Macroeconomics: An Easy Guide introduces the tools of dynamic optimisation in the context of economic growth, and then applies them to policy questions ranging from pensions, consumption, investment, and finance to the most recent developments in fiscal and monetary policy. Written with a light touch, yet thorough in its coverage of current theory and its application to policymaking, Advanced Macroeconomics: An Easy Guide is an invaluable and free resource for graduate students in economics and public policy, advanced undergraduate students, and practitioners. The course will also discuss some more advanced models that have recently been developed to explain recent economic events,including models with heterogeneous agents, financial frictions and labour market frictions. Born as a master’s course taught by each of the authors in succession over many years at Harvard’s Kennedy School of Government, the text also draws on their own extensive practical experience as macroeconomic policymakers. Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners.

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Supplementary material for this textbook, including slides and DSGE and VAR estimation tutorials, can be found here Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike. Note: Since the many formula in the EPUB and Mobi versions of the book are displayed as images, we recommend using a medium-sized font for reading. Formulae font may not match well with the main text font if very small or very large text font sizes are chosen An extended Solow growth model describing the interaction between the economy and the climate system as a basis for a discussion of climate policy A tour de force. Presenting modern macro theory rigorously but simply, and showing why it helps understand complex macroeconomic events and macroeconomic policies.” — Olivier Blanchard (Peterson Institute, Professor Emeritus at MIT, and former Chief Economist and Director of Research at the IMF)